Comcast's QVC posts strong 'Titanic' sales 06-15-98

CBS.MarketWatch.com

Comcast's (CMCSA,
CMCSA, -1.17%
CMCSK)
CMCSK
QVC reported blockbuster sales Monday of Viacom (VIA.B)
VIA
and News Corp.'s (NWS)
NWS, +0.31%
"Titanic." The television-based electronic retailer said it sold 1,500 videocassette units of the film before it was officially offered on the air, then sold 13,500 units in just 14 minutes following its official debut. The video sells for $19.95. "Titanic" is the biggest box-office hit of all time, having taken in more than $1 billion worldwide since it premiered late last year.

MGM CFO resigns

MGM (MGM)
MGM, -0.89%
said Monday that CFO Michael Corrigan has resigned to "pursue other opportunities." The company said it's named Daniel J. Taylor, current executive vice-president, as Corrigan's replacement. See press release. The shares slipped 1/2 to 23 3/8 in Monday trading.

Chancellor to invest in Hispanic radio

Chancellor Media (AMFM)
amfm
will invest $25 million for a 20-percent, non-voting equity stake in Sacramento-based Z Spanish Media. Z Spanish Media owns 22 Latino-format radio stations in California, Texas, Arizona and Illinois. Hicks Muse Tate & Furst 's radio megafirms, Capstar Broadcasting (CRB)
CRB, +0.26%
and Chancellor will combine with Hicks Muse-owned Lin Television and privately-held investment firm TSG Capital Group to invest in "broadcasting entities across a wide spectrum of ethnic ownership." Darryl Thompson, a partner of TSG Capital, said in a press release: "The Spanish speaking population is a fast growing market segment with extremely attractive investment opportunities of which broadcast properties are at the forefront." The alliance is also considering a partnership with "an African-American television industry veteran" to acquire television properties. Chancellor Media shares slipped 1 7/8 to 46 3/8 on above-average volume, while Capstar lost 3/4 to 19.

Iwerks hires investment firm

Animated film company Iwerks Entertainment (IWRK)
IWRK
said it hired Schroders to "assist the company in developing its strategic growth plan." In a press release, Iwerks said the investment firm will help it seek "long-term strategic partners," financing opportunities for "core activities such as film production," and other ways to facilitate "expansion initiatives." One of the company's goals figures to be boosting its share price; the stock was unchanged at 1 7/8.

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